RITES Limited has received a significant international order from South Africa, strengthening its presence in the global railway infrastructure and rolling stock segment. The company has been awarded a Letter of Award by Ndalama Capital (Pty) Ltd. for the supply and commissioning of in-service diesel electric locomotives.
As per the order details disclosed by the company, the contract involves the supply and commissioning of in-service Cape gauge ALCO diesel electric locomotives on a CIF basis in South Africa. The project has been classified as an international order and will be executed over a period of 18 months.
The total consideration for the contract stands at USD 35.2 million, equivalent to approximately USD Thirty Five Million Two Hundred Thousand. RITES has also clarified that neither its promoters nor promoter group entities have any interest in the awarding company, and the transaction does not fall under related party transactions.